California firm buys Spring Hill apartments for $14.2M

A California-based investor is continuing its shopping spree for Nashville-area apartments by buying the 176-unit Village at Spring Hill for $14.2 million.

The apartment community in the heart of Spring Hill is Irvine, Calif.-based Steadfast’s fifth acquisition in the Nashville area in the past 18 months.

“We had a tremendous amount of interest, but ultimately decided on Steadfast due to their proven track record of performance,” said Miller Harris, a partner in The Kirkland Co., which represented the seller, Villages at Spring Hill LP.

Village at Spring Hill is at 200 Kedron Parkway, near the post office, library and city park.

Harris described the apartment community, which Commonwealth Development managed over the past 20 years, as being “exactly the kind of asset buyers are searching for right now.”

Steadfast Income REIT recently paid $21 million for the 190-unit Richland Falls apartments in Murfreesboro. Last fall, the REIT paid $29 million for the 206-unit Watermark at Indian Lake Village in Hendersonville, which it renamed Cantare at Indian Lake Village. That deal came less than a year after it bought the 90-unit Keystone Farms at Brentwood for $8.4 million. Steadfast also owns the 256-unit Audubon Park apartments in Nashville.